How is the Housing Inventory Doing in Los Angeles?

I am sure by now you must know that real estate in general, but specifically Los Angeles real estate is experiencing a shortage of inventory, and the common complaint heard from both Realtors® and Los Angeles home buyers is “there is nothing to buy”. Or, if something comes on the market “we have to compete with numerous other buyers”.

So are things improving? How is the housing market doing and how is the inventory right now?

Information provided by MLS/CLAW deemed reliable but not guaranteed

The above shows a summary of single family homes for the areas below for the calendar year April ’12 to April ’13. Inventory is down 51% over April last year, and the is the lowest for the entire year.

The median price is up 9% and is the highest for the entire year.

The number of sold properties is up 17% over a year ago, but down slightly from the high in December ’12.

The number of properties under contract is up 38% over a year ago and is the highest for the year.

The number of active properties is down 23% over a year ago but is growing steadily from the low in December ’12.

The number of new listings is up 22% compared with a year ago and has been rising steadily since nan extreme low in December ’12.

Overall, new inventory is steadily rising. The exceptions are West Los Angeles and Marina del Rey. West Los Angeles seems to have taken the biggest it, both in overall inventory and new properties coming on the market.

Hollywood is a major exception with the inventory up over a year ago and jumping significantly over the previous month.

Let’s hope that new inventory increases over the next few months. It will be interesting to see.

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